How would secondary chips work? (1 Viewer)

[allforcharity]

I have no idea of cost... I recall hearing the boat chips (with no security features) were $1.35ish per chip, on average (YMMV). Assume high value chips with security features are $8 per chip. I am perfectly happy selling a $1000 chip for $992 profit.

As would I. But I think casinos have a distinctly different viewpoint on this than you and me, and nothing to do with the cost to manufacture/acquire.

Value chips/checks represent a legal liability to the casino, fully and instantly redeemable for cash. I doubt they would want to lose, say, 5x $1000 chips per day for 6 months, and then all of a sudden one guy comes in and redeems $900,000 in chips all in one moment. It would be an uncomfortable situation for them (and, likely, the would-be redeemer as well).

 

[Kid_Eastwood]

And when secondaries are rolled out (e.g. the Bellagio case explained above) is third set of chips required in case the secondaries got compromised ?

 

[JWC]

My guess is that the bellagio and other major casinos are running a float well in excess of $900,000.

For example, there are $1,000,000’s of live chips kept in on-site safety deposit boxes. This includes poker, race and sports, and baccarat games. It’s too hard for all parties to regularly buy-in and cash-out of a game. Instead, once the player has the chips, they will store them, and occasionally cash out a few thousand.

The casino knows the float value of the chips, and accounts for it in their cash on hand requirements. Finally, if someone came in to redeem $900,000 in chips, they would likely take a wire transfer, as that much cash is useless.

John

 

[JWC]

And when secondaries are rolled out (e.g. the Bellagio case explained above) is third set of chips required in case the secondaries got compromised ?

If your primaries were compromised, and you switched to secondary’s on a permanent basis, then yes, you would switch to a new set of secondaries.

 

[Chipenhagen]

Does anyone know whose terminology primary/secondary is?

1. Chipper terminology
2. Casino terminology
3. Producer terminology
4. Legal terminology

 

[justsomedude]

I wish I had links, but I remember reading an article that if you walk up to the window with a $5k chip in most Vegas casinos, they’re going to want to know where you got it.

That happened to Nolan Dalla. Here are some links...

https://lasvegassun.com/news/2007/mar/09/chips-no-longer-good-cash/
https://www.sportscapperisland.com/forum/d/18518-nolan-dalla-and-his-confiscated-5-000-chip
http://www.loukrieger.com/2007/03/follow-up-on-nolan-dalla-chip/

There are similar stories with chips as low as $500. Simply put, if you leave a gaming area for an extended period of time with a higher denom chip, be prepared to explain where you went when you go to cash them out. As any chip with RFID is now typically being tracked. I doubt they have RFID in $100s or lower, but who knows?